NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

UK Regulators Shut Down Crypto Exchange Following £1.5m Scam

Samuel Wan
Samuel Wan
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

GPay Limited, which traded as XtraderFX (formerly CryptoPoint) has been shut down by UK authorities following investigations into its practices.

The firm has been on the radar of the Financial Conduct Authority for over two years. But a High Court hearing, before Deputy Insolvency & Companies Court Judge Baister, finally forced it to close last week.

“This firm is not authorised by us and is targeting people in the UK. Based upon information we hold, we believe it is carrying on regulated activities which require authorisation.”

Investigators discovered that at least 108 victims had lost £1.5 million in total, as a result of using the online crypto trading platform.

The URL address www.xtraderfx.com now leads to a secure connection failed screen.

scam crypto exchange XtraderFX

XtraderFX homepage. (Source: 55brokers.com)

Users became suspicious when asked to submit copies of their photo ID, a utility bill, and a debit/credit card, following a withdrawal request.

While this is a standard industry practice, especially from reputable crypto exchanges with close ties to regulators, users usually deal with KYC and AML requirements on sign up.

David Hill, Chief Investigator for the Insolvency Service, said the crypto exchange operated by GPay was entirely a scam. With that, Hill stressed the importance of conducting suitable checks on any trading platform, especially when large sums of money are involved.

“We welcome the court’s decision to wind up GPay as it will protect anyone else becoming a victim. This scam should also serve as a warning to anyone who conducts trading online that they should carry out appropriate checks before they invest any money that the company is registered and regulated by the appropriate authorities.”

Scam Crypto Exchange Used Facebook to Bait Victims

The XtraderFX crypto trading platform had used social media adverts to lure rookie traders who were looking to get rich quick.

The adverts used by XtraderFX featured images and the name of Martin Lewis of moneysavingexpert.com – a consumer champion in the world of UK finance.

crypto scammers used images of Martin Lewis to lure victims

Source: moneysavingexpert.com

His TV show, The Martin Lewis Money Show, on ITV, occupies a prime time slot that offers money tips and consumer advice.

Lewis raised the issue with Facebook when he first became aware of the fraud back in 2018. But a lack of action on their part forced Lewis to launch court proceedings against the social media giant on the grounds of defamation.

Lewis claimed that over 1,000 scam adverts, featuring his image or name, had appeared on the social media platform, even after he had informed them of the problem.

The matter was settled by an agreement to withdraw legal action if Facebook donated £3 million to Citizens Advice as part of their initiative to deliver a new UK Scams Action project.

Facebook also agreed to launch a new UK specific scam reporting tool manned by a dedicated team.

With regard to XtraderFX’s forced insolvency, Lewis had mixed feelings about the ordeal. Nonetheless, he explained why he choose to sue Facebook, rather than XtraderFX directly.

“I don’t know whether to dance a jig that these despicable scum have been shut down, or cry that they managed to take so many people’s money. I’ve been fighting scam ads with my face on for four years now – sadly 1,000s have appeared. It’s always been tough to get at the actual scammers, which is why I sued Facebook to try and cut off their publicity.”

What’s more, similar to Hill’s advice, Lewis stated that scam adverts often appear on legit websites and even in broadsheet newspapers. With that, individuals need to be more skeptical.

Featured Image from Shutterstock
Tweet123Share207ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum Demand Spikes As Whales Add 260K ETH In 24 Hours

Ethereum Demand Spikes As Whales Add 260K ETH In 24 Hours

Ethereum is facing a pivotal moment as it struggles to hold above the $4,400 level after several days of heavy...

Sebastian Villafuerte 1 hour ago
Trump crypto project crasht - red WLFI buyback de koers?

Trump crypto project crasht na lancering – red WLFI buyback programma de koers?

Trump crypto kreeg een harde klap na de start. De WLFI token dook omlaag en herstelde daarna licht. De koers...

Lars Diederiksen 2 hours ago
트럼프 지원 비트코인 채굴사, 9월 나스닥 상장 눈앞

트럼프 지원 비트코인 채굴사, 9월 나스닥 상장 눈앞

헛8(Hut8)의 최고 경영자 애셔 게누트(Asher Genoot)에 따르면, ‘아메리칸 비트코인(American Bitcoin)’이 이번 달 나스닥 상장을 ...

Soyeon Lee 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Trump

WLFI Slides 15% After Launch As Trump Token Team Eyes Burn Strategy

Christian Encila 24 minutes ago
Dex Volume Hits Over $1T in August: Why Best Wallet Token Stands To Gain

Dex Volume Hits Over $1T in August: Why Best Wallet Token Stands To Gain

Aaron Walker 53 minutes ago

Top 3 kryptomeny na investovanie v septembri 2025

Nina Šefčíková 1 hour ago

Premium Sponsors

Press Releases

  • Mint Miner Launches New BTC and DOGE Cloud Mining...

    51 seconds ago
  • 1 najlepsza kryptowaluta do kupienia, zanim wzrośnie o 3 536%, według Cathie Wood (ARK Invest)

    1 najlepsza kryptowaluta do kupienia, zanim wzrośnie o 3...

    35 minutes ago
  • O singură criptomonedă de cumpărat înainte să crească cu 3.536% — potrivit lui Cathie Wood de la ARK Invest

    O singură criptomonedă de cumpărat înainte să crească...

    2 hours ago
  • Топ криптовалутата №1 за купуване преди да скочи с 3 536% според Кати Ууд от ARK Invest

    Топ криптовалутата №1 за...

    2 hours ago
  • CryptoMiningFirm Launches First XRP, BTC Mobile App: Earn...

    2 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.